Headline

Economic Crises: Buhari Addresses the Nation (Full Text of Speech)

Published

3 years ago

February 16, 2023

Eric

NATIONAL BROADCAST BY HIS EXCELLENCY MUHAMMADU BUHARI, PRESIDENT, FEDERAL REPUBLIC OF NIGERIA ON THE CHALLENGES OF THE CURRENCY SWAP AND STATE OF THE NATION, ON 16th FEBRUARY, 2023

My Dear Compatriots,

I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.

2.Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering.

3.Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.

4.In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.

5.For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.

6.In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.

7.Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision. These include:

a. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.
b. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;
c. The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;
d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and

e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria

8.Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.

9.I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.

10.This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:

a. A strengthening of our macro economic parameters;
b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;
c. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;
d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
e. Exchange Rate stability;
f. Availability of Easy Loans and lowering of interest rates; and
g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.
11.I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.

12.To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.

13.I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.

14.During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well meaning citizens and institutions across the nation.

15.I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.

16. To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.

17.In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.

18.Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.

19.Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.

20.I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.

21.Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.

22.This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.

23.I urge every citizen therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.

24.I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.

Thank you for listening. God bless the Federal Republic of Nigeria.

Headline

Alleged N27.4bn Scandal: Presidency Exonerates Gbajabiamila, Says Adeyemi Matthew is a ‘Con Artist’

Published

2 hours ago

July 2, 2026

Eric

The Presidency has volunteered details on how a certain Prince Adeniyi Adeyemi Matthew, allegedly built an elaborate web of forged documents, fake government appointments and fictitious agencies to deceive public officials and present himself as a senior presidential appointee under the administration of President Bola Tinubu.

The Presidency, in a statement issued on Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, described Adeyemi as “a con artist” who allegedly used forged appointment letters bearing the name of the Chief of Staff to the President, Femi Gbajabiamila, to create and operate a non-existent Presidential Foreign Intervention Promotion Council, later referred to as the Presidential Economic Advisory Council.

According to the statement, the alleged scam was uncovered after officials of the Nigerian Investment Promotion Council raised concerns that another purported government agency appeared to be operating alongside it.

The Office of the Chief of Staff subsequently alerted security agencies, accusing unnamed individuals of forging official appointment letters purportedly issued from his office.

“The attention of this office has been drawn to the activities of certain individuals and groups engaged in the forgery of official appointment letters purportedly issued from my office,” Gbajabiamila said in a petition dated October 17.

“The fake documents, bearing falsified signatures, reference/folio numbers, and seals, have been used to claim leadership appointments to non-existent entities, with particular reference to the Presidential Foreign Intervention Promotion Council.”

The Chief of Staff disclosed that Adeyemi had allegedly established an office at the Federal Secretariat Complex in Abuja, where he reportedly hosted meetings with Nigerians and foreign nationals while presenting himself as the Director-General of the fictitious agency.

According to the petition, the group even sought diplomatic support from the Ministry of Foreign Affairs to facilitate United States visas for its purported staff.

“The above development not only constitutes a serious criminal act but also undermines the integrity of the Presidency and the credibility of official government communication,” Gbajabiamila wrote.

“I therefore urge you to initiate a thorough investigation to identify and apprehend those involved and also to uncover the network facilitating the forgery.”

Foreign Affairs Ministry raises red flag

The statement revealed that concerns over Adeyemi’s activities had also reached the Federal Ministry of Foreign Affairs after he reportedly convened a meeting with ambassadors at the Wells Carlton Hotel and Apartments in Abuja on October 10, 2025, without the ministry’s knowledge.

In a letter dated October 15, 2025, signed by Ambassador Anderson Madubuike and addressed to the Office of the National Security Adviser and the Office of the Chief of Staff, the ministry sought clarification regarding the status of the purported agency.

“This act contravenes extant rules and regulations guiding diplomatic practices globally,” the ministry stated.

The enquiries triggered correspondence among the Office of the National Security Adviser, the Office of the Secretary to the Government of the Federation and the Office of the Chief of Staff.

Responding to the enquiries, Gbajabiamila categorically denied appointing Adeyemi or recognising the agency.

“Prince Adeniyi Matthew, Director-General of the Presidential Foreign Investment Promotion Council, is unknown to any office, nor do we have any dealings with the said council,” he wrote.

“My attention was drawn to a letter of this purported application, which is fake, and my office has instructed the police and other relevant security agencies to carry out investigations on the person and the entity he claims to represent.”

The Presidency stressed that the Chief of Staff could not have issued any appointment letter because appointments into government offices are the exclusive responsibility of the Office of the Secretary to the Government of the Federation.

Police uncover alleged forgery network

Following the petition, the Police launched an investigation and arrested Adeyemi on October 27, 2025, at the Abuja office from where he allegedly operated the scheme.

Searches conducted at both his office and residence in Suleja reportedly yielded several documents and exhibits believed to be connected with the operation.

Investigators said Adeyemi claimed that one Dolapo Babatunde Tanimola assisted him in procuring the forged appointment letter.

However, police investigations established that Tanimola had died in a fire incident at Kachi Hotel in Abuja on October 22, 2025, five days before Adeyemi’s arrest.

According to the State House, investigators established that the agency Adeyemi claimed to head never existed, while the appointment letters and several official documents recovered during the investigation were allegedly forged.

Police also accused him of falsely presenting himself as a presidential appointee and fraudulently requesting a diplomatic note verbale from the Ministry of Foreign Affairs to facilitate visa applications for himself and members of his organisation.

Investigators further alleged that Adeyemi operated no fewer than 34 bank accounts, including nine accounts opened in the names of fictitious organisations, including the FCT Investment Promotion Agency and Public Private Partnership (FIPA-APP).

The investigation also found that he allegedly succeeded in opening a Central Bank of Nigeria account by misleading the Office of the Accountant-General of the Federation using forged documents.

The Presidency, however, noted that investigators confirmed no government funds were ever paid into the account.

“The act of the suspect constitutes criminal forgery, impersonation and obtaining by false pretence, thereby bringing the office of the Chief of Staff to the President and the Presidency to disrepute before the public and international community,” the police report stated.

Eight-count charge filed

Based on the outcome of the investigation, police filed an eight-count charge before the Federal High Court in Abuja against Adeyemi and two alleged accomplices on November 27, 2025.

The matter is scheduled for hearing on July 27.

According to the Presidency, Adeyemi, while on police bail, recently resurfaced with fresh claims that the Chief of Staff had genuinely appointed him as Director-General of the agency.

The statement noted that the claim directly contradicted the statement he voluntarily made to investigators during the police probe.

It said the renewed allegation prompted Gbajabiamila to issue another public disclaimer on June 8, reaffirming that Adeyemi was an impostor.

Presidency urges caution

The Presidency said Adeyemi had a history of alleged fraudulent misrepresentation, recalling that in 2016 he allegedly presented himself as President-General of the World Youth Organisation, claiming it was affiliated with the United Nations before the UN reportedly disowned the organisation.

Describing the case as that of “a con artist who appears to have built a web of false claims to deceive unsuspecting government officials and the public,” the Presidency urged politicians and members of the public to avoid drawing conclusions before the ongoing criminal trial is concluded.

It further advised that, since the matter is before the court, interested parties should allow the judicial process to determine the allegations against Adeyemi and his co-defendants.

Headline

Parties’ Deregistration: ADC, Not NDC, is the Target

Published

3 days ago

June 29, 2026

Eric

By Eric Elezuo

As the 2027 presidential election draws closer, intrigues, manipulations and maneuvers have continued to be the order of the day as political parties engage in one gimmick or another to outdo and undo one another.

While some are playing politics of numbers and conviction, others are engaging tendencies that tend to question the status quo and established principles under which genuine democracy is formed. As a matter of fact, fingers have been pointed at the President Bola Tinubu-led Federal government as the brain behind all machinations that have attempted to derail multi-party democracy, and institute a one-party state, which is alien to the Nigerian democratic roots. This is as a result of the constant imbroglio that has consistently engulf almost all the major political parties in the country.

Fresh facts have however, emerged to prove that every act of frustration thrown at the opposition has been indirectly aimed at the main opposition party, the African Democratic Congress (ADC), and its presidential candidate, Alhaji Atiku Abubakar.

According to reliable sources, the recent deregistration of parties, especially the Nigerian Democratic Congress (NDC), was actually targeted at the ADC.

Recall that the Federal High Court in Lokoja, Kogi State, on June, 26, set aside its earlier judgement directing the Independent National Electoral Commission (INEC) to register the NDC as a political party. A ruling that put a question mark on the eligibility of the party presenting candidates in the forthcoming 2027 elections

The presiding judge, Isah Dashen, held that all relevant parties must be heard before any substantive decision can be made in the matter.

The court upheld the application filed by a certain organization, the Peace Movement Party (PMP), ruling that the party was a necessary party to the suit.

According to the judge, the earlier judgement was constitutionally defective as it was delivered without hearing from all interested parties.

He declared that such an omission rendered the entire process null and void.

Mr Dashen further ruled that the status quo be restored to what it was before the December 10, 2025 judgement, pending the determination of the substantive suit.

He also observed that certain material facts were suppressed in the earlier proceedings, which justified the decision to set aside the judgment.

Consequently, the court ordered that the substantive suit should begin afresh, with the Independent National Electoral Commission (INEC), the PMP and the NDC as parties to the case.

According to NAN’s reports, the applicant’s lawyer, Chikezie Ekeocha, told journalists that the PMP approached the court after discovering that NDC’s registration was based on a logo it had previously submitted to INEC before the commencement of the suit.

According to Mr Ekeocha, the court agreed that the applicant’s rights had been affected and consequently vacated the earlier judgement.

“The court has ordered all parties to return to the position they occupied before the judgment of 10 December 2025, and directed the claimants to join all necessary parties to ensure the issues in dispute are effectually and completely determined,” he said.

He explained that the implication of the ruling is that every action taken by INEC in compliance with the now-vacated judgment stands reversed.

“The recognition of the NDC, the issuance of its certificate of registration, its inclusion in INEC’s records, and any appearance on ballot papers arising from that judgement must be withdrawn pending the final determination of the substantive suit,” Mr Ekeocha stated.

He, however, clarified that the substantive case remains before the court and has not been decided.

“The matter has not been concluded. The court merely set aside its previous judgment and directed that the party whose interests were affected be joined so that all sides can be heard before a fresh decision is reached.”

Mr Ekeocha also dismissed suggestions that the court merely ordered parties to maintain the status quo, insisting that the ruling specifically directed a restoration of the position that existed before the 10 December 2025 judgement.

The ruling effectively returns the dispute over the registration of the NDC to the Federal High Court for a fresh hearing, with all relevant parties expected to participate before a new determination is made.

It would also be recalled that a few weeks earlier, the Federal High Court in Abuja, had ordered the deregistration of five political parties including the African Democratic Congress (ADC). The others are Action People’s Party (APP), Action Alliance (AA), Zenith Labour Party (ZLP) and Accord Party.

However, on June 16, the Court of Appeal in Abuja halted the enforcement of the judgement, ruling that it violated its earlier ruling staying proceedings before the Federal High Court.

While INEC awaits the release of the Certified True Copy (CTC) of the judgment to deregister the NDC, the NDC has reacted, rejecting the judgment as travesty of justice.

Lending credence to the notion that the President Tinubu-led administration is basically targeting the establishment of the ADC as a party, and the candidature of its presidential flagbearer, former Vice-President Atiku Abubakar, who is also the presidential candidate of the ADC, has stated categorically that there are plots to prevent the party from participating in the 2027 general election.

Atiku’s position is stated in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu on Monday, notifying the public that he had received credible information suggesting that political and legal manoeuvres were being deployed against the ADC, stressing that the persecution that has been thrown towards the NDC was a clear distraction as the main target is the ADC.

Atiku alleged that anti-democratic elements within the ruling All Progressives Congress (APC) were working to ensure that the ADC is excluded from the ballot.

“We are fully aware of their plots. While they seek to sow confusion within the opposition, we know their real target is the ADC because it represents the most credible alternative,” he said.

Atiku called on Nigerians to reject any attempt to determine which opposition parties participate in the election.

“We therefore call on all Nigerians — not just ADC members and supporters — to rise in defense of democracy and reject any attempt by the ruling party to cherry-pick which opposition parties are permitted to participate in the next general election,” he said.

“Our message to the APC and the hooded men plotting in dark chambers is simple: you may conspire, but you will not succeed.

“If the APC is truly confident in its popularity, why is it so terrified of the ADC?”

He said he hoped the information available to him would not materialise but argued that recent political developments made such concerns difficult to dismiss.

“The pattern has become all too familiar. First, institutions that ought to be neutral are drawn into partisan contests,” he said.

“Then, frivolous litigations suddenly gain unusual momentum. Administrative powers are selectively deployed.

“Political pressure is mounted behind closed doors. Before long, democracy itself becomes the casualty.”

Atiku alleged that the ruling party has focused more on weakening the opposition than addressing the country’s economic and security challenges.

“The obsession with silencing the opposition has become so consuming that governance itself has taken a back seat,” he said.

“At a time when Nigerians are battling hunger, inflation, unemployment, insecurity, and collapsing purchasing power, those entrusted with public office appear preoccupied with political survival rather than national survival.”

Nigerians recall that ever since the official rejuvenation of the ADC in June/July of 2025, where the duo of Senator David Mark and Ogbeni Rauf Aregbesola emerged as the party’s chairman and secretary respectively, the party has not known moments of peaceful coexistence as litigations from corners unknown have sprang up in a bid to destabilize the party and deprive it of the opportunity of featuring on the ballot paper come 2027.

ADC, as a child of circumstance emerged from the rumbles of the litigation-ridden former main opposition party, the Peoples Democratic Party (PDP), where two factions have consistently remelained at loggerheads over leadership. While the Minister of the Federal Capital Territory, Nyesom Wike, who is working assiduously to ensure the reelection of Bola Tinubu, leads one faction, Oyo State Governor, Seyi Makinde, who became a defacto head, leads the other faction. In all, PDP appeared to have no direction, forcing many of its members to jump ship, thereby birthing the ADC, and to a large extent, the NDC, which is presenting Peter Obi as the presidential candidate, with former Kano governor, Rabiu Musa Kwankwaso, as his running mate.

Sources also informed The Boss that the hasty reading and passage of the Electoral Act 2026 by the Godswill Akpabio-led National Assembly, with many great areas left unattended to, were also part of the grand design to deprive the ADC the constitutional rights of presenting candidates for the 2027 elections.

But both the ADC and the NDC has vowed that they would follow every process to ensure that the crackdown on opposition parties by the Tinubu administration comes to an abrupt end.

But beyond the intrigues, Nigerians are gearing up to participate fully in the forthcoming election with cross sections of the population either hailing Tinubu for his policies or knocking him for the untold hardship in the land.

Headline

South Africa Nothing Without Africa – MTN Boss, Mcebisi Jonas

Published

5 days ago

June 27, 2026

Eric

The MTN Group Chairman, Mcebisi Jonas, has condemned the ongoing anti-foreigner sentiment in South Africa, describing it as a symptom of State failure being cynically exploited by politicians with no interest in genuine solutions.

The speech is seen as one of the most substantive interventions by a senior business figure into xenophobic crisis currently plaguing South Africa.

Delivered during the funeral service of Zimbabwean-born activist and public servant, Thokozani Damasane, Jonas’ words have sparked a wave of discussion across South African civil society.

“I was thinking, what is home to Damasane?” he said. “Because I understand, and I understood very early in life, that home is where humanity is. Home is about humanness. It is about the good of humanity and striving for the good of humanity.”

Thokozani Damasane was born and educated in Zimbabwe before relocating to South Africa during the post-apartheid transition period. Jonas described him as arriving “as an outcast” into a country still finding its post-liberation footing – and choosing, nonetheless, to commit himself entirely to its struggles and its people.

“He immersed himself deeply into the struggles, into the pains of South Africans, and he became one of us,” Jonas said.

“In Damasane’s strength, our strength as South Africa and South Africans is reflected. And in his weaknesses, our own weaknesses are reflected.”

Speaking further, Jonas blamed the state for the failure being witnessed, emphasising that if foreigners leave South Africa today, the country’s problems will still persist.

“Foreigners can leave tomorrow – inequality will be with us,” he told the congregation.

“Foreigners will leave tomorrow – unemployment will be with us. Foreigners will leave tomorrow – our police will remain corrupt. Foreigners will leave tomorrow – our politicians will still be concerned with one thing: being elected and re-elected.

“The problem is the failure of the state. The State doesn’t manage immigration. It doesn’t manage its borders. It doesn’t enforce
law enforcement. It doesn’t manage education. What are you expecting?”

Jonas argued that this failure created fertile ground for political manipulation. “When people feel the burn, they become vulnerable to politicians whose sole purpose is to be elected and re-elected. Some of them have no credibility whatsoever. But they lead marches and tell our people that the problem is not us – it is foreigners.”

Jonas recounted a conversation he had witnessed between Damasane and a young man who had challenged the right of foreigners to be in South Africa. Damasane’s response, Jonas said, had stayed with him ever since.

“Damasane said to this guy: Just wait fifteen or twenty years. You will also want to leave your country.”

Jonas told mourners those words now carry a weight Damasane may not have anticipated. “As I stand up today, I look at South Africa. The level of oppression and inequality, the level of exclusion of our people, the level of corruption, the betrayal of the dream of liberation – those words of Damasane ring very loud in my ears.”

South Africa is nothing without Africa

Jonas closed with a call for what he described as a return to “national consciousness” – one rooted in continental solidarity and economic interdependence rather than ethnic exclusion.

“We are a nation embedded in Africa,” he said. “And without Africa, our growth as a country – economically – our fortune is intertwined with the growth of Africa. South Africa is nothing without Africa. And Africa is nothing without South Africa.”

He also reframed the question of legacy and identity for Damasane’s children, who were present. “Sometimes this thing called meritocracy is measured in wealth. No. It is values, it is principles, it is integrity. And your father had all of that.”

“We cannot judge people by their origin,” he told mourners. “We cannot determine the legal status of people by their origin.”